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  Drew's Corner

Employee Benefits & Finance

Health Savings Account vs. Flex Spending Account

9/8/2016

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What are the key differences of an HSA and an FSA?  Below are some key items to make sure your employees are educated on.  

Contribution Limits
HSA: $3,350 Ind / $6,750 Family
FSA: $2,550

Ownership and control
HSA: You
FSA: Your Employer

Funds Rollover
HSA: Forever
FSA: Up to $500 annually, if adopted by the plan. 

Funds Invested
HSA: Yes
FSA: No

Earnings grow tax-free
HSA: Yes
FSA: No earnings

Contribution changes allowed
HSA: When you want
FSA: No

Withdrawals for non-medical expense
HSA: Allowed at age 65, taxed as income
FSA: Not allowed

Reimbursement Deadlines
HSA: At any time
FSA: Within 90 days of plan year-end
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